Cuttack, Feb 26: The Odisha Protection of Interests of Depositors (OPID) court in Cuttack today directed for the confiscation of all movable and immovable properties belonging to the Seashore group.
The ponzi firm allegedly collected around Rs 1200 crore from thousands of investors. The company allegedly collected crores of rupees from investors promising them 24 per cent interest per annum.
Sources said that properties worth Rs 650 crore which include 197 acre land, 1385 gram gold, 2 quintal silver and Rs 1,88,75,000 bank deposits have been confiscated with the order of the court.
The fraud firm had a number of subsidiaries including STV Samachar, Soubhagya Drinks, Seashore Dairy Products, Seashore Pharmaceutical Industries, Seashore Biotech Private Limited, Seashore Pen Industries and Seashore Roller Flower Mill.